While there is never a guarantee to make a profit on real estate in Toronto, some neighborhoods make a more sound investment than others. From today’s perspective, three neighborhoods stand out from the pile and are experiencing a rise in the condominiums sold there at an exponential rate. The neighborhoods in question are Liberty Village, CityPlace, and the Canary District. Here’s a brief analysis of each of these neighborhoods.
The condo market in Liberty Village was on a downward slope from March 2020 to December 2020. Experts weren’t too optimistic for this year as well. However, as it turned out, many of those experts and analysts were quite wrong as sales started to rise. The number of condos sold in Liberty Village in January 2021 was double the sales during the same period last year. The upward trajectory continued in both February and March. In March this year, 2X more condos were sold compared to last March 2020.
Considering the start of the year, it is fair to say that demand for condos in Liberty Village is heating up and will further grow in the coming months. Because of that, people who are interested in an apartment in Liberty Village should get on board before condo prices soar beyond the current levels.
The Canary District is in the midst of a massive development featuring many new buildings to choose from. There is no shortage of condos in the Canary District. However, they aren’t exactly cheap. Last year, the average price was $1,023 per square foot and remained as such throughout this year as well. Nevertheless, the demand for new condos in the Canary District is increasing since the beginning of 2021. If that trend continues in the coming months, it is fair to expect that the average price will increase as well.
The trends we’ve described in the previous two neighborhoods are also seen in the CityPlace district. There are plenty of condos in CityPlace ready for sale, many more in the making, and demand is brewing. Month after month, since the start of 2021, more and more condos are sold in CityPlace.
CityPlace remains a popular choice with people ages 25 to 44 that want to be near downtown and appreciate the perks of urban living. In addition to the many coffee shops, the 120,000 square feet of retail, the restaurants, the community center, and the library, residents of CityPlace can enjoy their park that is spread over eight acres. The only real downside is that condos in CityPlace are regularly on the higher end of the scale.
The Bottom Line
As the pandemic is concluding, there is a general sense that things are going back to normal. As a result, the condo market in Toronto seems to be waking up, especially in CityPlace, Canary District, and Liberty Village, where the initial demand is now a trend. It seems the trend will extend through the year.